A study by the Trade Partnership estimates that the Trump administration’s steel and aluminum tariffs will cost 495,000 jobs in the United States. That figure is up from a previous estimate of 179,000 jobs.
Specific to agriculture, the report estimates that tariffs will cost 24,000 jobs. The job losses, according to the study, would impact the services, manufacturing and agricultural sectors.
The new report says the updated figure takes into account threats of retaliation from other countries, as well as the expectations that Canada, Mexico and Australia will be exempt from the tariffs. The bulk of the losses are expected in the services sector, including construction, transportation, trade and others.
However, the report says the tariffs would boost employment in the steel and the aluminum sectors by 26,000 jobs. The numbers show that 18 jobs would be lost for every steel/aluminum job gained.
Meanwhile, some trade experts don’t expect the tariffs to last long because the tariffs have an overwhelming U.S. and global unpopularity.
From the National Association of Farm Broadcasting News Service.